We're guessing at our future opportunity cost. Warrenis guessing that he'll have the opportunity to put capital out at high rates of return, so he's not willing to put it out at less than 10% now. But if we knew interest rates would stay at 1%, we'd change. Our hurdles reflect our estimate of future opportunity costs.

The game of life is the game of everlasting learning. At least it is if you want to win.

Using volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent loss of capital, or 2) the risk of inadequate return.

If only I had the influence with my wife and children that I have in some other quarters!

Being short and seeing a promoter take the stock up is very irritating. It's not worth it to have that much irritation in your life.

The laws of thermodynamic s are such that if the water is getting warmer - and I believe it is - the energy of the weather is going to go up.

Strategic plans cause more dumb decisions than anything else in America.